Shiba Inu community members have been left perplexed after data from the Ethereum blockchain showed that a whopping 4 trillion SHIB tokens worth $31 million were unstaked and moved to Binance, the world’s largest crypto exchange by trading volume.
The gargantuan transaction was completed within an hour and sent to a wallet associated with the leading exchange Binance. The transaction was first spotted and reported by Whale Alert, the tracker of large transactions of cryptocurrency from one wallet to another.
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Whale Alert tweeted, “4,000,379,151,023 SHIB (31,709,005 USD) transferred from Shiba Staking to Binance.”
🚨 🚨 4,000,379,151,023 #SHIB (31,709,005 USD) transferred from Shiba Staking to #Binancehttps://t.co/eqntWcrNf0
— Whale Alert (@whale_alert) June 9, 2023
What’s the Significance of this Whopping Transaction?
It’s worth noting that the whopping transaction has been significant on the SHIB price trend over the last 24 hours.
Due to the addition of the huge amount of SHIB, the circulating supply of Shiba Inu has surged by 1%, bringing the total SHIB in circulation to 578.9 trillion tokens.
In contrast, the number of staked tokens has dwindled to 10.44 trillion SHIB, as shown by Shibburn.com data.
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The motives behind the transaction can yet be ascertained and no one knows who was behind it at the time of press. The move to a cryptocurrency trading platform suggests the whale who unstaked the tokens is looking to sell them, which could have a massive impact on SHIB market value.
The huge movement is also telling on the price of the dog-themed token. At the time of writing, SHIB is trading at $0.000006591, with a relatively 17% price downtrend in the last 24 hours and a 24% plummet in the last seven days, according to CoinMarketCap.
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